Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust (REIT) focused on self-storage acquisition and development, has released its financial statement for the whole of 2016 as well as the quarter that ended Dec. 31. For the year, SSGT increased same-store revenue 20.9 percent, with net operating income (NOI) growing 44.7 percent, compared to 2015. For the quarter, same-store revenue increased 24.1 percent, with NOI growing 77.6 percent, compared to the same period in 2015.
Same-store occupancy was 89.8 percent at the end of the year, up from 79.3 percent the previous year. The REIT also reported growth in same-store annualized rent per occupied square foot, showing an increase of 7.3 percent ($9.60) year over year. For the quarter, same-store occupancy hit 88.9 percent, which was up from 80.5 percent the previous year. Quarterly growth in same-store annualized rent per occupied square foot increased 15.1 percent ($11.34) year over year.
"We are pleased to report continued revenue and NOI growth for our same-store year-over-year comparisons in both the fourth quarter and fiscal year 2016," said H. Michael Schwartz, chairman and CEO. "Additionally, our new Certificate-of-Occupancy self-storage facility in Phoenix, which was acquired in May 2016, continues to outperform our expectations, finishing the year at 63 percent occupancy."
After factoring operating and other income expenses, SSGT reported a net loss for the year of about $5.4 million. The REIT took in more than $9.2 million in self-storage rental revenue and $73,000 in ancillary operating revenue during the fiscal year.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 16 storage facilities in seven states comprising approximately 1.3 million net rentable square feet in 11,000 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 104 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 7.7 million rentable square feet.